While calculating Book Profits under section 115 JB of Income Tax Act, 1961, which of the following is not to be added ?

CS Executive · Tax Laws and Practice · PYQS · December 2018
While calculating Book Profits under section 115 JB of Income Tax Act, 1961, which of the following is not to be added ?
(A) The amount of dividend upto ₹10 lakh
(B) Interest on Income tax including surcharge and cess
(C) The amounts carried to any reserves
(D) The amount by way of provision for losses of subsidiary companies

Answer & Explanation:

The official key records '*'. This question is excluded from automatic grading because the source does not supply an unambiguous valid choice. Official source note: All the options i.e., A, B, C & D are to be added while calculating Book Profits. However, please refer Section 115 JB of the Income Tax Act, 1961 for details not to be added while calculating book profit.

Topics: Income Tax Act, 1961

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